Is audit necessary


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If you have an F&O loss of approximately £8 lakh on a turnover of £18 lakh, an audit is not legally required. However, you still need to ensure compliance with tax regulations. You can explore filing options such as presumptive taxation to manage your tax obligations effectively.

09 August 2020 Is audit necessary for f&o loss of about 8 lac with turnover of 18 lac. Intention is not to carry over the loss,but at the same time I want to be compliant with rules.

31 August 2020 Audit is not mandatory in your case.

25 September 2020 then what way it can be filed, You
mean presumptive basis?


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